Should have called Ken. Did I get hosed?

Wife is buying a boat and wanted it in her name. We found what she wanted at the dealer and started the process last weekend. We were told that with her credit score and debt ratio, amount, 180 month term and 10% down payment we could expect something close to 4.99% and I was good with that. Her credit score is 740 and CC usage is 23%. The dealer's financing came back at 6.5% and I'm a little disappointed in that. That's what I get for taking a salesman at his word, I suppose. The note won't break the bank and she's happy to be getting what she wants, so I'm not going to sour the deal telling her what I thought should have happened. The note isn't going to break the bank so I'll just let it go.
I'm just curious what kind of interest rates you guys are seeing these days. Ken got me a great deal on my current boat @ 4.75% and had approval in half a day but we are closing tomorrow and I doubt even he can work a miracle on this one. Thought about calling him this morning but gave up on the possibility of him being able to help on such notice. Next time i'll know where to start first.

That often happens because salespeople don't normally work with financing every day. Hard to say lie but maybe just not knowing the full story. Throwing out rates happens all the time with anything that is financed. Hard to say what options we might have had or not.
Enjoy the boat. Nice woman that wants you to have one.
Let us know if we can help.
Thank you,
Ken

Thanks Ken. She's happy with it and I'm certainly not going to sour the deal for her over a $30 difference in the note. I will definitely be calling you on my next one.

Everyone always quotes the lowest rate. In addition, dealers will mark the rate up and get a kickback from the financing company for the spread.

I allow it to some degree when I buy my trucks because I always take the rebate for the captive financing. Then I refinance with my credit union a couple months later. I suspect you could do this as well.

180 months @ $30/month is $5,400

Salesmen can be pretty bad about this sort of thing. They will quote you a medium number and see how you react. If you're fine with it, they'll add to the rate the lender is giving just so they can make a few extra bucks. Happens all the time in the car world and I can only assume it happens in the boat world as well.

Refi with a credit union. I got 2% on my truck loan. Or do a 401k loan and pay interest to yourself. 180 months on a boat is financial suicide.